can a PTO have and control its own checkbook?
the treasurer of our small parochial school's board said she'd been told by the auditor that the funds raised on behalf of the school legally belong to the school. And indeed all our funds go into the accounting system controlled by the board. We (I, as organization president) authorize expenditures through the front office and the principal, so although technically the board controls the money, in practical terms they don't--they don't budget it in, they don't spend it, etc.
Long story, but the church whose building we use is currently grumpy w/ the board. And the pastor told us that if we can create a non-hypothetical bank account controlled ONLY by the PTO, that he'll transfer the running of (and profits from) the vending machines in the building to the PTO.
Can I do this? Can I just go open an account (get a 2-out-3-signatures arrangement to safeguard against embezzlement, and include the principal of the school as one of the 3 possible signatures) to use? We can leave the rest of the accounting arrangements as is.